MUSKEGON — The downtown Muskegon area could soon see its first new market rate apartments in years.
Portage-based real estate development and property management company The Hinman Co. plans to redevelop the top two floors of the “functionally obsolete” Terrace Plaza building into 19 one- and two-bedroom apartments as well as a top-floor penthouse apartment, the company said in a statement.
“This is an exciting time for downtown Muskegon,” Roger Hinman, The Hinman Company CEO, said in a statement. “(N)ew restaurants and new shops have brought a lot of energy to the area. This increased activity also means that there is new demand for downtown living and we are pleased to offer that to the community.”
One-bedroom apartments are expected to rent for between $800 and $900 with more detailed leasing terms coming in the coming months, a spokesperson for the company said in an email.
In addition to the apartments, the projected $3 million redevelopment of the building at 316 Morris Ave. will include common areas, a fitness center and enclosed parking for residents.
The board of the Michigan Strategic Fund awarded the developers of the project a $450,600 Michigan Community Revitalization Program grant back in October to assist with a finance gap.
As MiBiz has previously reported, mixed-use, market rate residential projects have been slow to materialize in the downtown Muskegon area, with a number of proposed projects either stalled or cancelled.